International news within the industry of mining and metal, May, 22 2019
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Lavalin mining project Goldcorp Eleonore. Photo: Goldcorp
Lavalin mining project Goldcorp Eleonore. Photo: Goldcorp

Industrial conglomerate SNC Lavalin declare profit warning again

"underperforming suppliers"

Canadian industrial conglomerate SNC Lavalin once again wins on Monday after the company's mining and metallurgical operations in Latin America were forced to re-evaluate problems related to "unexpectedly bad environmental and safety conditions" and "underperforming suppliers", the company writes in a press release.

The core business is therefore expected to incur a loss of up to 350 million Canadian dollars, in addition to the already announced 1.24 billion profit-warned for January 28.

For over 100 years has Svalbard lived almost entirely on coal mining. Recently, it became clear that the largest mine, Svea Nord, is closed for good. Within a few years, it will be a good night for the last active mine in the main town of Longyearbyen. It is hoped that increasing tourism will replace many of the lost mining jobs. Photo: Creative Commons, credit: Gus880.
For over 100 years has Svalbard lived almost entirely on coal mining. Recently, it became clear that the largest mine, Svea Nord, is closed for good. Within a few years, it will be a good night for the last active mine in the main town of Longyearbyen. It is hoped that increasing tourism will replace many of the lost mining jobs. Photo: Creative Commons, credit: Gus880.

Svalbard: from mining to tourism

"coal mining disappears"

Major changes shaking the Svalbard high up in the Arctic. The climate is getting warmer and at the same time, the whole of society is changing.

For more than 100 years, the economy has built on mining. Now the coal mines are moving away and Svalbard is becoming increasingly dependent on tourism.

Last year there were over 145,000 tourists who visited Svalbard, which means a more than 70 per cent increase in five years.